2/7, 6:20 PM (Source: TeleTrader)
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EIA revises up oil demand growth in 2023 by 60,000 bpd

The Energy Information Administration (EIA) revealed on Tuesday that it has revised up estimates for the 2023 global oil demand growth by 60,000 barrels per day (bpd) and now expects a 1.11 million bpd increase year over year.

For 2024, the world oil demand growth forecast was raised by 70,000, and prospects for the annual rise now stand at 1.8 million bpd.

Nonetheless, EIA cautioned that the projections remain uncertain "as China shifts away from its zero-COVID-19 policy and global economic conditions evolve."

Baha Breaking News (BBN) / AY